Deductions
This deduction helps pay for government services like military, national parks
Federal Tax
What do we call the thing we use to deposit money into our bank account (how we get paid)
paycheck
What do we call the days in which you worked that will count toward our paychecks (it is on the paystub)
Pay period
Gross pay is calculated by __________ x __________
Hourly wage x hours worked
What do you call the money you earn for doing a job?
Wages
This deduction helps pay for local things, like city parks, schools, and roads
State tax
If your employer offers to match your retirement contributions, should you?????
Ex. if you put in 5% to retirement, your employer puts an extra 5% in your retirement
YES- it is free money on top of your paycheck!
Pay amount BEFORE deductions
What is GROSS Pay
Double time (overtime) rate is calculated by multiplying your hourly wage by ____
2
If you get paid every two weeks, how many paychecks do you usually receive in a year?
26
This deduction is a security/safety net for elderly or disabled people who are not working
FICA Social security
True or False: You deposit (put in) your paystub into your bank account
False- you deposit your paycheck!
Pay amount AFTER deductions
What is NET pay
Time and a half rate is calculated by multiplying your standard hourly rate by ______
1.5
What is the difference between gross pay and net pay?
Gross pay is before deductions; net pay is after deductions.
This deduction helps pay for health insurance/medical care for those over 65
FICA Medicare
Is gross pay or net pay written on the paycheck?
Net pay
What do we call the document that lists gross pay, net pay, deductions, etc…
Paystub
How much would I make if I get paid $15.23 and work 11 hours?
$167.53
If you earn $100 and $15 is taken out for taxes, how much money do you take home?
$85
Name one other deduction that is a BENEFIT directly to you and can be optional
Health insurance, dental insurance, 401k/retirement
Getting paid by the year is called a _______
(not by the hour, starts with S)
salary
The name for taking money out of your paycheck
A DEDUCTION
How much would I make if I get paid $32.45 and work 21 hours?
$681.45
What is the name of the form you fill out when starting a new job to help your employer figure out federal income tax withholding?
W-4